Novelis Europe raises prices in response to escalating energy and commodity costs
July 15, 2008 | by Novelis
Reading time: 1 minute
July 15, 2008, Zurich, Novelis Europe announced today that it will raise conversion prices of all its aluminium flat-rolled products by up to 10 percent. The price increase will vary across the product range depending on the exposure to the rising costs of energy, alloys and various operating materials.
Novelis Europe is an operating segment of Novelis Inc. and is the leading supplier of high-quality aluminium sheet and coil to the European market.
The price increase responds to the dramatic rise in input costs of electricity, gas, oil and related materials, as well as alloying elements. The increase is effective for new orders with delivery after August 31, 2008, if not covered by an existing contractual agreement.
Arnaud de Weert, President of Novelis Europe said, "The steep increase in our energy and other material costs requires us to take this action as we need to mitigate the impact of rising costs on our business. We will be talking to our customers about the specific details for their markets."
At the same time Novelis Europe is trimming production capacity in certain areas to respond to weaker markets, particularly in the building and stockist sectors.
"We will continue to improve our production and energy efficiencies and aggressively pursue cost reduction initiatives across our manufacturing system to ensure our long term competitiveness," said de Weert.
Editor's note: Image rights belong to the respective publisher.
Conclusion of this article: « Novelis Europe raises prices in response to escalating energy and commodity costs »
Source: Novelis, Press release